Unitil Corporation (UTL) has reported 13.76 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $12.40 million, or $0.88 a share in the quarter, compared with $10.90 million, or $0.78 a share for the same period last year.
Revenue during the quarter went up marginally by 0.16 percent to $126 million from $125.80 million in the previous year period. Gross margin for the quarter expanded 318 basis points over the previous year period to 48.97 percent. Total expenses were 65 percent of quarterly revenues, down from 81.40 percent for the same period last year. This has led to an improvement of 1640 basis points in operating margin to 35 percent.
"The colder weather in our service areas this winter compared to last year, combined with solid customer growth and an effective regulatory agenda all contributed to strong earnings in the first quarter," said Robert G. Schoenberger, Unitil's chairman and chief executive officer. "We continue to expand and upgrade our distribution infrastructure, due to strong economic growth in our service areas. We are well positioned for robust expansion in the years ahead."
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